Reports The Hill:
"We estimate that enactment of the basic provisions in this proposal would maintain solvency of the OASDI [Old Age, Survivors, and Disability Insurance] program throughout the long-range (75-year) projection period and would fulfill the requirements for sustainable solvency," SSA said in a Nov. 9 letter to Chaffetz.
Chaffetz argued that reform is needed because there was already a $38 billion deficit in 2010, which will grow to nearly $100 billion if the program is not changed. He also argued that while some argue that the Social Security "trust fund" will help keep the program solvent, that trust fund is simply additional funding that the government must borrow, and the program is already spending more than it takes in.
Post a Comment